Workflow Templates: Year-End Tax Planning Checklist

Reconcile all bank accounts and credit card statements to ensure all transactions are accounted for.

Analyze the profit and loss statement for any unusual items or discrepancies.

Review the balance sheet to verify the accuracy of asset and liability accounts.

Confirm that all employee information is up to date, including addresses and social security numbers.

Ensure all payroll tax forms (such as W-2s and 1099s) are prepared and ready to be filed on time.

Review year-end bonuses and other compensation for proper tax treatment.

Identify any eligible deductions that have not been taken, such as equipment purchases or retirement plan contributions.

Review potential tax credits that the organization may qualify for.

Consider deferring income or accelerating expenses to reduce the current year's tax liability.

Calculate and pay any estimated state and federal taxes due for the current year.

Prepare a list of tax filings due for the upcoming year, including their deadlines.

Set aside funds for tax payments and ensure they are submitted on time to avoid penalties.

Review the budget for planned capital expenditures in the upcoming year.

Evaluate the tax implications of purchasing versus leasing equipment.

Determine the most tax-advantageous time to make large purchases.

Schedule a meeting with your tax advisor to discuss year-end tax planning strategies.

Provide your tax professional with all necessary documentation and financial statements.

Discuss any changes in tax laws that may affect the upcoming tax filings.

Year-End Tax Planning Checklist